World gold price on May 8: Increased again to 3,400 USD

Specifically, the world gold price today is 3,407.44 USD/Ounce (Last updated at 10:30). The world gold price increased by 0.64% equivalent to an increase of 21.81 USD/Ounce in the past 24 hours.

US President Donald Trump said he was in no rush to sign a trade deal with China, dampening hopes of a quick end to the trade war.

In addition, Mr. Trump also affirmed that he would not lift the 145% tariff imposed on Chinese goods, reducing expectations of concessions in trade negotiations between the two countries. At the same time, tensions in many regions have not cooled down.

At the same time, geopolitical tensions such as the Russia-Ukraine war, conflicts in the Middle East and military tensions between India and Pakistan have made investors worried and pushed up gold prices.

A drone attack on Moscow has shut down airports, even as Russian President Vladimir Putin declared a three-day ceasefire. Ukraine said Russia was still attacking just hours after the ceasefire came into effect.

In the Middle East, the atmosphere was equally tense when the Israeli army announced that it had neutralized the airport in Sanaa, the capital of Yemen controlled by Houthi forces.

The Houthis also warned that they would respond to Israel's actions, further increasing concerns about regional instability, thereby boosting demand for gold as a hedge against risks.

However, the market is still influenced by the policy signals of the US Federal Reserve (Fed). Although the Fed decided to keep the current interest rate unchanged at the two-day meeting, this move was not enough to support the strong appreciation of the USD.

On the Federal Reserve side, Chairman Jerome Powell affirmed in a press conference that the economy still faces many uncertainties, especially regarding tariff policy. He said that it is necessary to “wait for more clarity” before making further decisions, implying that a rate cut is not imminent. However, this cautious stance did not help the USD to increase significantly.

For his part, Mr. Trump announced that he would announce a “major trade deal” with a large and respected country on Thursday. This news made the stock market more optimistic, somewhat reducing the demand for investment in gold.

In the coming time, investors will focus on Mr. Trump's press conference at 2 p.m. US time. In addition, data on the number of weekly unemployment claims in the US will also affect the value of the USD and thereby affect the price of gold in the trading session in the North American market.

Source: https://baonghean.vn/gia-vang-the-gioi-ngay-8-5-tang-tro-lai-3-400-usd-10296798.html